Asset Manager Seeks To Raise $796M Office Fund

LONDON-Henderson Global Investors hopes to raise nearly $796 million through a seven-year closed fund. The locally-based firm hopes to take advantage of the cyclical nature of the office market, buying now when it is easier to get key assets at a discounted rate, according to an report in PropertyEU.

The Henderson Central London Office Fund II will pursue international institutional investors. The fund has a target annualized IRR of 12% per year for the entire seven years.

The first target for the fund is to raise $279 million by the close of 2009. Due to the instability of the current market, to protect investors both the commitment and investment periods will be short. Clive Castle and Nick Deacon will manage the fund.

According to the report, “CLOF II will focus on quality assets in good locations, with medium term secure income. The manager will favor multi-let properties and intends for the fund to be well protected from occupier risk in the short-term, but with potential for asset management thereafter.”

To read the article in PropertyEU click here.